Either they'd give him a backstory and motivation, or he'd be a guy named Bennie Gillman with aquatic powers.

I'm thinking it would be a CGI army of gillmen.

It's been in development hell for a looong time; now part of Universal's poorly conceived attempt to create a Classic Monsters Cinematic Universe. The Wolfman was supposed to be the first one (in 2010), but then they pushed back the "universe" saying that Dracula Untold was going to be the first one with Creature from the Black Lagoon and another Mummy reboot being the first phase. The Mummy is for sure happening (filming is already done I think), but Lagoon keeps running into issues. Supposedly it's scheduled to film in 2017, but god knows.

Oh, fuck! I WAS JOKING!

Don't ruin the Creature, you assholes!

Well, honestly, I guess "The Creature Walks Among Us" technically already ruined the Creature.

Honestly, I think the 90s Universal reboots were about as good as you will possibly get. I really dug The Mummy being turned into a kind of pulp novel adventure story.

I liked what Paul Verhoeven did with Invisible Man (Hollow Man). Wolf was weirdly experimental, maybe not a great movie, but at least not a cheap, shitty horror movie. The Brannaugh version of Frankenstein was pretty decent. Coppola's Dracula wasn't great, but it worked for what it was supposed to be.
Not really very much more you can do with these franchises except awful remakes or high-concept dumb retellings like Dracula Untold where Drac is now some kind of anti-hero.

His name...was HORACE!